ESG Disclosure and Access to Credit: A Configurational Analysis of European Listed Firms
研究2021-2022年欧洲STOXX 600指数上市公司ESG披露如何影响信贷获取，发现不同披露组合对短期和长期融资影响不同，其中气候变化披露始终改善信贷获取。
ABSTRACT This study investigates how various ESG disclosure configurations affect credit access for European firms listed on the STOXX Europe 600 Index during 2021–2022. Employing fuzzy‐set qualitative comparative analysis and ESG disclosures standardised under the Global Reporting Initiative (GRI), the findings demonstrate that disclosure patterns associated with enhanced credit access vary between short‐ and long‐term financing. Notably, climate change‐related disclosure consistently improves credit access across financing types. The study emphasises the significance of aligning ESG disclosure with financing objectives and provides practical insights for firms, lenders and policymakers. Firms can strategically concentrate on disclosures that best support their financing requirements, whereas lenders gain from standardised frameworks like GRI for more dependable credit evaluations. Policymakers, in turn, can leverage the role of ESG disclosure in credit markets to promote sustainability transitions.